Hunters sees 18% boost in letting income in first 10 months of 2016

Franchise giant Hunters has reported to its shareholders that it has seen an 18 per cent rise in its lettings income for the first 10 months of this year.

In a statement to the city the company - which now has 180 branches across the UK - says its income across the network over the period was almost £29m. This was up from £24.3m for the same period of 2015.

The Hunters board says it expects trading for the full year to be significantly ahead of 2015 and slightly ahead of the board’s own expectations.

By the end of 2016 the roll-out of new franchised branches should hit 30, for the third consecutive year. By the end of October the network comprised 11 owned and 169 franchised branches.

Last year agents who converted to Hunters, and for whom 2015 was their first full calendar year, grew their turnover on average by 29 per cent.

The firm says Q4 2016 has started “with a strong pipeline of sales, lettings and scheduled branch openings.

“The Board continues to monitor and review the government’s proposal to ban tenant fees. The company has a strong sales bias - 72 per cent of group revenues - and is therefore confident it can manage and adapt accordingly. The board is aware that the industry experienced a similar situation in Scotland in 2012 where the industry adapted without long-term damage to profitability” says a statement from Glynis Frew, chief executive.

Kevin Hollinrake, chairman and founder of Hunters and now a Conservative backbench MP, says more branch openings are scheduled: “The board confidently expects significant further network expansion during 2017 through attracting high-quality franchisees, and continues to review strategic acquisitions.”